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Are you buying in the city or in the suburbs? There are actually great deals in the city right now. A lot apartments are going for tens of thousands below asking. We’re about to close on a 3bd condo for $60k below asking price.
I agree. We just bought in Dorchester tens of thousands below asking. After spending 4 months looking in the burbs and losing all bids against all cash offers, we turned towards the city instead.
Austin, TX here. It’s that way all over the country. Unless you’re loaded and can bid 100k or more over asking then it may be a while. Just a really weird time. Interest rates are low, creating a high demand. Nobody is moving due to covid, creating a low supply. Perfect storm for insane prices. Hopefully we see inventory tick up once we all start getting vaccinated. Personally I’ve been wanting to buy for over a year but I’m sitting on the sideline for now. Good luck!
To all the condo relies: Yeah I’m not looking for a small condos. The bidding war for 3bd colonial-style houses seems to be more insane compared to condos. I just can’t justify the HOA with condos though.
Yeah. The access to the T makes people offer way above asking. I got outbid by people that paid 30% over asking in Malden and Quincy
Well, if interest rates go up, house values will likely go down a bit, but you’ll pay more on your loan. Unless you plan to live in your house for a short term, pick the right house in the right location and dont look back. I had been waiting for years for “a dip” and finally did bite the bullet last year and very happy to have pulled to trigger (house already took 15% in value)
I’ve found the opposite in my search. No offers, listings have been on for a long time, and tons of room for negotiation. Granted, I’m looking for a small condo.
OP where are you looking? My wife and I are starting to look in Wellesley and Needham.
This is exactly where I was looking in the summer. We finally found a beautiful 3 bed colonial on the border of Milton and Quincy that we absolutely have been loving. It was crazy back then too and we had to go above asking. The seller said our letter was what sold them over a few other offers that were cash.
I’m in Boston. It’s been like that the last 4 years I’ve been here. Seems to be more on the market recently but yes still a lot of competition.
We just sold our "starter" home in the Boston suburbs in the <$600k range. We had planned to be there for 5, ended up staying for 12 years and two kids. We had it listed for 2 days, had 30 visits, and 8 offers, all over asking. The couple that we ended up selling it to paid 15% over asking and it was the 6th house they'd put an offer in on. I feel for anyone trying to buy these days, especially for a reasonably priced first home - it's crazy competitive.